I read an article that suggested that some publishers were looking at doing things a bit differently in terms of starting with paperbacks, but in a slightly bigger format (as apparently one of the important benefits is hardbacks standing out more in shop windows).
I don’t know much about it, but with stuff like this, I always think if they have a paperback come out at a normal paperback price at the start, more people are likely to take a punt on it, meaning higher sales + more word of mouth generation (if the books any good). I know I’ve only ever bought hardbacks if it’s an author I know and love and am too excited to hold on until the paperback is released (though I’d just get the ebook these days). Wouldn’t usually take a punt on a new (to me) author in hardback. Weird with stuff like this - not sure if it’s a case of “it’s always been this way” and publishers are too scared to deviate.
I think smaller independent publishers are less likely to put hardbacks out. Galley Beggars don’t normally. They put out limited edition paperbacks for initial release at a slightly higher price and then a standard one.